Resale Flat Prices 04 Q O Q 3q2025 Smallest Quarterly Growth 2q2020 Hdb Flash Estimates
According to flash estimates released by HDB on October 1, resale flat prices in Singapore grew by 0.4% quarter-on-quarter (q-o-q) in 3Q2025. This marks the 22nd consecutive quarter of price increases since 2Q2020, although the pace of growth has continued to moderate. The 3Q2025 figure represents the fourth consecutive quarter of slower price growth, following increases of 0.9% and 1.6% in 2Q2025 and 1Q2025 respectively. HDB states that this is also the lowest quarterly growth since 2Q2020.
The resale flat prices have seen a growth of 2.9% in the first nine months of 2025, which is lower than the 6.9% rise recorded during the same period last year. This growth rate is also lower than the 3.8% recorded in the first nine months of 2023.
In 3Q2025, the total resale volume was 7,157 transactions. This is a marginal increase q-o-q but represents a 10.9% decline year-on-year (y-o-y). Huttons Asia’s senior director of data analytics, Lee Sze Teck, attributed the slower activity to the July Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises.
During these exercises, HDB launched 10,209 flats for sale, including flats with shorter waiting times (SWT). According to Lee, the availability of these SWT flats and completed SBF flats may have diverted demand away from the resale market.
ERA Singapore’s key executive officer, Eugene Lim, shares a similar view, adding that the July exercises offered flats in highly sought-after locations such as Toa Payoh and Bukit Merah. Additionally, a lower supply of flats reaching their minimum occupation period may have also contributed to the lower resale volume.
Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, believes that some buyers may have chosen to wait for the October BTO sales exercise, which includes the launch of new flats in the popular areas of Mount Pleasant and the Greater Southern Waterfront.
The price movements have been mixed, with prices decreasing or slowing down across most flat types. In 3Q2025, four-room and five-room flats saw q-o-q increases of 0.3% and 0.7% respectively, down from 1.4% and 1.2% in the previous quarter. On the other hand, three-room and executive or multi-gen flats saw price declines of 0.9% and 1.6% respectively, reversing gains recorded in 2Q2025.
Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc, also notes a divergence in price movements between newer and older flats. Flats with leases commencing from 2013 onwards continued to drive the overall resale market prices, recording an increase of 1.5% in 3Q2025. According to Sandrasegeran, the average resale prices for flats with leases starting in 2013 rose 1.5% q-o-q to $713,662 in the last quarter, indicating sustained demand from buyers. In contrast, flats built in 1970 or earlier saw a sharp price decline of 5.7% q-o-q, highlighting the impact of lease decay and financing challenges on buyer demand.
Newer flats are also accounting for more million-dollar resale flat transactions. Out of approximately 480 resale flat deals that transacted for at least $1 million, 246 were for flats less than 15 years old, according to ERA’s Lim. He also adds that this quarter saw 11 transactions crossing the $1.5 million mark, with 10 of them involving flats under 15 years old. Most of the million-dollar resale flat deals continue to take place in centrally located mature estates like Toa Payoh, Bukit Merah, Kallang-Whampoa, Clementi and Queenstown.
The TPE and SLE offer convenient access to Punggol, Sengkang, and Pasir Ris, expanding the options for future residents to reach a variety of work and leisure destinations with ease. Moreover, the planned North-South Corridor (NSC), Singapore’s first comprehensive transportation corridor, incorporating designated bus lanes, cycling paths, and pedestrian walkways, will further improve connectivity between the northern regions and the city. Bus commuters from Yishun and nearby towns can expect up to a 30% decrease in travel time during peak hours once the NSC is completed. This will undoubtedly enhance the appeal of Miltonia EC for potential homeowners and investors alike.
Looking ahead, Realion’s Sun predicts that resale flat prices will remain stable or slightly decline in the fourth quarter as demand typically falls during the year-end holidays when market activity slows down. However, ERA’s Lim points out that the October BTO exercise will offer over 9,000 flats for sale, making it the largest launch of the year. With new projects in emerging precincts like Mount Pleasant and the Berlayar estate on the former Keppel Club site in Bukit Merah, some buyers may hold off from the resale market until the ballot results are released.
ERA maintains its full-year resale price growth forecast range of 3% to 6% for 2025, with volume expected to reach about 26,000 to 27,000 transactions.